Corporate Bankruptcy Archives - Page 3 of 38

Can a Senior File a Consumer Proposal or go Bankrupt?

Posted on June 4, 2016May 26, 2022 by Jordan Rumanek

There are no rules that prevent anyone from filing a Consumer Proposal just because you are 65 years of age. With today’s average of $69,000 in unsecured debt for those 60 years and over, the need to take action is important. The advantage that a senior has is that their pension income is a constant cash flow which can be used to finance the payment required for the Consumer Proposal. As well, creditors seem willing to accept a more reasonable (i.e. lower) settlement than they would if the offer to settle comes from a younger person. When every dollar counts, it pays to take advantage of anything you can.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

What are the disadvantages of hiring a debt settlement firm?

Posted on January 26, 2016April 13, 2016 by Jordan Rumanek

What are the disadvantages of hiring a debt settlement firm?

Anyone searching for debt relief options on the internet will likely see ads for firms offering debt settlement services to Ontario residents. These firms might be traditional debt settlement firms—which are supposed to hold the necessary license issued by the Ontario

Government—or they might be a firm exempt from this requirement. This latter group includes law firms, credit counselling agencies, and bankruptcy trustees. Debt settlement involves an informal agreement between a creditor and a consumer under which the creditor agrees to accept a one-time lump sum payment for less than one hundred percent of the outstanding balance as settlement in full. This is an alternative to a consumer proposal which is only available through a bankruptcy trustee.

No creditor will agree to an informal proposal unless your account is a minimum of six months overdue. In contrast, there is no such requirement for making a consumer proposal. Compared with a consumer proposal, debt settlement—or an informal proposal—has a number of disadvantages.

You will receive collection calls
You might be sued
Results are not guaranteed
It may be expensive

If you are an Ontario resident and you hire a traditional debt settlement firm then the fee they can charge you for settling a particular account is capped at ten percent of the amount of the debt on the date you signed a debt settlement agreement. If, however, you hire a law firm, you might pay substantially more in fees.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

New Year – Debt Solutions

Posted on January 6, 2016April 13, 2016 by Jordan Rumanek

New Year: Debt Solutions

Happy New Year!! What an amazing idea to make a decision or joint decision this January to spend close to nothing—preferably nothing. This time of year is difficult financially for almost everybody and it will be easier than you think to stop spending altogether—for the time being. Get your family and friends involved! Make your priority spending only groceries and cut that grocery list. You have many items in your cupboard, freezer and fridge to plan ahead every week and spend the bare minimum. Make a meal plan every week, freeze soup, casseroles and vegetable dishes. Try and organize potlucks with other people or another family. When considering entertainment, get dressed warm and get outside, go skating, sliding, hiking —there are dozens of free, fun outdoor activities. If the cold outdoors is not your thing, research free indoor events or invite people over to your home. Use up your gift cards, if needed, this month and make sure you return all items you do not need or want—it’s amazing how much money we get back when we remember to return items we do not need. You have 31 days in January to make the most of each day and challenge yourself to not spend money. The less you spend, the more you save for bills and hopefully savings for the rest of the year. Practice positive money spending habits now and you will feel empowered to make this year your best financial year to date. Good Luck! Spend Less! Feel Great!!

Personal Finance: New Year’s Resolutions

Posted on December 11, 2015April 13, 2016 by Jordan Rumanek

Personal Finance: New Year’s Resolutions

It is a smart and responsible idea to include personal finance in your New Year’s Resolutions this year. There are several ways you can improve your financial year if you follow these suggestions then perhaps your goals can lead to a small reward for yourself year-end.

1. Manage your spending. Buying items at 50% off is still spending money. Eliminate wasteful spending, cut back and have a system to call a friend if you want to purchase something over $100.00.

2. Grow your income. If you have $10 or $100 to save just start investing your savings and/or add extra dollars to your superannuation. Visit a financial planner once a year or once every two years—research or ask friends if they know a great financial planner. If you have someone teaching you the language and steps you need to take to secure your future, you are spending your time wisely.

3. Set financial goals. Not only is it important to set long and short-term goals and rewards it is also equally important to talk about them with friends and family. Discuss these goals with your financial advisor and ask for suggestions.

Category: Corporate Bankruptcy

Can a Senior File a Consumer Proposal or go Bankrupt?

What are the disadvantages of hiring a debt settlement firm?

What are the disadvantages of hiring a debt settlement firm?

New Year – Debt Solutions

Personal Finance: New Year’s Resolutions

Personal Finance: New Year’s Resolutions

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